MIRA INFORM REPORT

Report Date :

07.05.2012

IDENTIFICATION DETAILS

Name :	NOKIA INDIA PRIVATE LIMITED
Registered Office :	Flat No. 1204, 12^th Floor, Kailash Building, Kastruba Gandhi Marg, New Delhi-110001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.05.1995
Com. Reg. No.:	55-068904
Capital Investment / Paid-up Capital :	Rs.355.793 Millions
CIN No.: [Company Identification No.]	U74899DL1995PTC068904
TAN No.: [Tax Deduction & Collection Account No.]	DELN05529G DELN06295C
PAN No.: [Permanent Account No.]	AAACN2170R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing Communication and Internet Services.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (77)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 210000000
Status :	Very Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of worldwide Nokia Group. It is a well established and a reputed company having excellent track. Financial position of the company appears to the sound. Fundamental are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in medium to long run.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Flat No. 1204, 12^th Floor, Kailash Building, Kastruba Gandhi Marg, New Delhi-110001, India
Tel. No.:	91-11-26779191
Fax No.:	91-11-26779090
E-Mail :	pooja.3.gupta@nokia.com rkmadhvapeddi@yahoo.com pv.subba rao@nokia.com av.krishna-mohan@nokia.com pardeep.dhaka@nokia.com
Website :	http://www.nokia.co.in
Head Office :	1^st and 2^nd Floor, ‘A’ SP Infocity, Industrial Plot No. 243, Udyog Vihar, Phase 1, Dundahera, Guregaon-122016, Haryana, India
Tel. No.:	91-124-4833000
Fax No.:	91-124-4833099
Corporate Office :	4^th Floor, Commercial Plaza, Radisson Complex, National Highway No. 8, Mahipalpur, New Delhi - 110032, Delhi, India Tel. No.: 91-11-26784100/ 51779000 Fax No.: 91-11-26779149 / 52227420/ 51779145/ 42999050 E-Mail :pv.subba rao@nokia.com sanjay.bhasin@nokia.com rkmadhvapeddi@yahoo.com Website :http://www.nokia.co.in Location : Commercial Keilalahdentie 2-4, P.O. Box 226, FIN-00045 Nokia Group, Finland Tel. No.: +358 7180 08000 Fax No.: +358 7180 34003 Nokia Corporate Office - New York 102 Corporate Park Drive, WHITE PLAINS, New York 10604, USA Tel. No.: +1 914 368 0400 Fax No.: +1 914 368 0501 Nokia Latin America 703 NW 62nd Av, Suite 100, Miami FL, 33126, USA Tel. No.: +1 786 388 4002 Fax No.: +1 786 388 4030 Nokia Brazil Av das Nacoes Unidas, 12.901 Torre Norte 11o., Andar Cep 04578-910, Sao Paulo 04578-910, Brazil Tel. No.: +55 11 5508 6350 Fax No.: + 55 11 5508 0471 Nokia Greater China and Korea Nokia China Campus, Beijing Economic and Technological Development Area, No.5 Donghuan Zhonglu, Beijing, PRC 100176 Tel. No.: +86 10 8711 8888 Nokia South East Asia and Pacific 438B Alexandra Road, #07-00 Alexandra Technopark, Singapore 119968 Tel. No.: +65 6723 2323 Fax No.: +65 6723 2324 Nokia India SP Infocity, Industrial Plot no. 243,Udyog Vihar, Phase 1, Dundahera, Gurgaon, Haryana – 122016, India Tel. No.: 91-124-4833000 Fax No.: 91-124-4833099 Nokia Middle East and Africa Al Thuraya Tower II, 27^th Floor, Dubai Internet City, Dubai, UAE Tel. No.: +971 4 3697600 Fax No.: +971 4 3697604 Nokia Eurasia Stoleshnikov Per 14, 103031 Moscow, RUSSIA Tel. No.: +7495 795 0500 Fax No.: +7495 795 0509
Nokia Networks:	701, Broadway Business Center, Ellisbridge, Law Garden Ahmedabad – 380 006, Gujarat, India 2B, Mercury Block, Prestige Tech Park, Sarjapur, Marathalli Ring Road, Kadabeesanahalli, Varthur Hobli, Bangalore -560103, Karnataka, India Tel. No.: 91-80-4015 9000 Fax No.: 91-80-4015 9999 Jupiter Block, Prestige Technology Park, Sarjapur-Marathalli Outer Ring Road, Bangalore -560087, Karnataka, India Tel. No.: 91-80-40159000 Fax No.: 91-80-40159999 Salarpuria Hallmark, Ground Floor, Block A, No. 15/3, 16, Kadubeesenahalli, Outer Ring Road, Bangalore – 560103, Karnataka, India Tel. No.: 91-80-66656800 6th and 7th Floor, Forum Mart, Plot No -89 (392), Unit- III, Kharvela Nagar, Bhubneshwar -751001, Orissa, India Tel. No.: 91-674-3018120 Fax No.: 91-674-3018108 4th Floor, Sector – 17-C, SCO 60-61-62, Chandigarh - 160017, India Industrial plot #243, Udyog Vihar, Dundahera, Gurgaon - 122016, Haryana, India 724 - Peace Enclave, G S Road, 4^th Floor, City Mart Building, Near Ullubari, Flyover, Ullubari, Guwahati -781007, Assam, India NSL Ikon 3^rd Floor, Plot 1-4 Road No. 12, Banjara Hills, Hyderabad – 560034, Andhra Pradesh, India H/1 Scheme No.54, Vijay Nagar, Indore -452010, Madhya Pradesh, India 3F, Tower II, Millennium City, IT Park, Plot no 62, Block DN, Sec V, Bidhan Nagar, Salt Lake, Kolkata -700091, West Bengal, India Tel. No.: 91 33 4006 2264 Fax No.: 91 33 4006 2260 9A, Rana Pratap Marg Lucknow, Lucknow – 226001, Uttar Pradesh, India C/402 Business Square Opposite Apple Heritage Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India HDO Corporate Building Wing "A", Western Express Highway Andheri (East), Mumbai -400059, Maharashtra, India Tel. No.: 91-22-67769000 Fax No.: 91-22-67769009 Hotel Tuli International, Residency Road, Sadar – 440001, Nagpur, Maharashtra, India Vatika Business Centre, Suite No.6, Level 5, C Wing, Tech Park 1, Airport Road, Yerwada, Pune - 411 006, Maharashtra, India Tel. No.: 91-20-40111195 Fax No.: 91-20-40111045 RMZ Millenia Business Park, Campus-5, 2nd Floor, No. 143, M.G.R. Road, North Veeranam Salai, Perungudi, Chennai - 600 096, Tamil Nadu, India Tel No.: 91-44-66530100 Fax No.: 91-44-66530301 SP Infocity, Plot #243, Udyog Vihar Phase-I, Dundahera, Gurgaon Haryana- 122016 Gurgaon, India Tel No.: 91-012-44833000 Fax no.: 91-012-44833098 Kailash Building, Flat no 1204, 12th Floor, Kasturba Gandhi Marg, New Delhi – 110 001, India A SEZ Unit Bldg 2c, Ground Floor Vrindhavan Techvillage Sarjahpur Outer Ring Road, Bangalore - 560087, Karnataka, India A SEZ Unit Bldg 2A, 5^th and 6^th Floor Vrindhavan Techvillage Sarjahpur Outer Ring Road, Bangalore - 560087, Karnataka, India
Regional Offices:	Located at: North Regional Office: · Haryana · Chandigarh West Regional Offices: · Andheri, Mumbai · Mhape, Navi Mumbai · Ahmedabad · Pune East Regional Offices: · Kolkata · Lucknow South Regional Offices: · Bangalore · Hyderabad · Chennai · Tamilnadu
Overseas Office:	Located at: · USA · Singapore · Australia · China · Beijing · New Zealand · Philippines · Taiwan · Vietnam · Malaysia
Branches :	Located at · Hyderabad · Ahmedabad · Mumbai · Bangalore

DIRECTORS

AS ON 08.09.2011

Name :

Mr. Shiva Kumar Dega

Designation :

Managing Director

Address :

LTH – 304, B Laburnum, Condominium Complex, Sector – 28, Gurgaon-122002, Haryana, India

Date of Birth/Age :

22.09.1959

Date of Appointment :

01.07.2006

DIN No. :

00364444

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74899DL1995PTC068904	Nokia India Private Limited	Managing director	1/07/2006	1/07/2006	-	Active	NO
L24246MH2000PLC129806	Godrej Consumer Products Limited	Director	25/07/2009	1/04/2009	-	Active	NO
U72900DL2010PTC211017	Nokia Mobile Payment Services India Private Limited	Director	2/12/2010	2/12/2010	17/05/2011	Active	NO

Name :

Mr. Petra Krishtina Terasaho

Designation :

Director

Address :

House No. 16, Center Drive, DLF Chandarpur Farm, New Delhi – 110030, India

Date of Birth/Age :

17.03.1966

Date of Appointment :

12.12.2007

DIN No. :

02199697

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U74899DL1995PTC068904	Nokia India Private Limited	Director	30/09/2008	12/12/2007	Active	NO

Name :

Mr. Nikhil Mathur

Designation :

Director

Address :

N-214, First Floor, Greater Kailash-I, New Delhi-110048, India

Date of Birth/Age :

25.03.1967

Date of Appointment :

17.09.2010

DIN No. :

02333709

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74899DL1995PTC068904	Nokia India Private Limited	Director	30/09/2010	17/09/2010	-	Active	NO
U72900DL2010PTC211017	Nokia Mobile Payment Services India Private Limited	Director	2/12/2010	2/12/2010	17/05/2011	Active	NO

Name :

Mr. Benjamin Carlton Adams

Designation :

Director

Address :

15, Lawrence Place, Pelham, New York-10803, United States of America

Date of Birth/Age :

22.03.1971

Date of Appointment :

17.09.2010

DIN No. :

02726919

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74900DL2009PLC188379	Nokia Hcl Mobile Internet Services Limited	Director	10/09/2010	29/07/2009	20/06/2011	Active	NO
U74899DL1995PTC068904	Nokia India Private Limited	Director	30/09/2010	17/09/2010	-	Active	NO

Name :

Mr. Prakash Katma

Designation :

Director

Address :

10A/16, V G M Street, Nungambakkam Chennai-600034, Tamilnadu, India

Date of Birth/Age :

21.10.1976

Date of Appointment :

30.09.2010

DIN No. :

03268635

KEY EXECUTIVES

Name :	Mr. Pardeep Kumar Dhaka
Designation :	Secretary
Address :	A-153, 2^nd Floor, Saraswati Vihar, Pitampur, New Delhi – 110034, India
Date of Birth/Age :	11.01.1979
Date of Appointment :	08.08.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 08.09.2011

Names of Shareholders	No. of Shares
Nokia Corporation, Finland	35579299
Nokia Pte Limited, Singapore	1
Total	35579300

Equity Share Break up (Percentage of Total Equity)

AS ON 08.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing Communication and Internet Services.
Products/ Services :	· Mobile Phones · Telecommunication · Sez Developer

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity*	Actual Production
Mobiles	No.	NA	250000000	125633289

* As certified by the management and relied upon by the auditors, being a technical matter.

Licensed capacity not applicable

GENERAL INFORMATION

No. of Employees :	200 (Approximately)
Bankers :	The Hong Kong and Shanghai Banking Corporation Limited

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Building 10, Tower C, DLF Cyber, Gurgaon-122002, Haryana, India
PAN.:	AAEFP3641G
Holding Company :	Nokia Corporation, Finland
Subsidiary Company :	Nokia Mobile Payment Service India Private Limited
Fellow Subsidiaries :	· Intellisync Corporation · Nokia (China) Investment Company Limited · Nokia Australia Pty Limited · Nokia do Brasil Tecnologia Limited · Nokia Komarom KFT · Nokia Oyj, Finland · Nokia Products Limited, Canada · Nokia PTE Limited · Nokia Romania · Nokia Siemens Networks Oyj, Finland · Nokia Siemens Networks Private Limited · Nokia TMC Limited · Nokia U. K. Limited · Symbian Software India Private Limited · Symbian Software Limited · Nokia Telecommunications Limited, Beijing · Nokia Denmark A/S · Nokia (H. K.) Limited – Hong Kong · Nokia Japan Company Limited · Nokia Inc., USA · Nokia Asset Management Oy · Nokia GmbH · Nokia West Africa (Nigeria) Limited · Nokia Siemens Networks Sp. z o.o.

CAPITAL STRUCTURE

AS ON 08.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
36000000	Equity Shares	Rs.10/- each	Rs.360.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35579300	Equity Shares	Rs.10/- each	Rs.355.793 Millions

NOTE:

Of the above 35579300 equity shares are held by the holding company Nokia Corporation, Finland and 1 equity share is held by Nokia (Singapore) Pte Limited

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		355.793	355.793	355.793
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		52081.067	43872.311	30574.397
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		52436.860	44228.104	30930.190
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		52436.860	44228.104	30930.190
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6232.356	7051.387	6599.868
Capital work-in-progress		311.513	249.590	1298.019
INVESTMENT		10.099	0.100	0.100
DEFERREX TAX ASSETS		1393.508	1087.776	581.507
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11533.381	11144.737	10769.604
	Sundry Debtors	74774.679	52416.641	38702.535
	Cash & Bank Balances	11148.795	15007.108	14108.503
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22023.660	20952.937	18501.233
Total Current Assets		119480.515	99521.423	82081.875
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29832.015	28560.306	29950.240
	Other Current Liabilities	27111.496	19825.840	14959.507
	Provisions	18047.620	15296.026	14721.432
Total Current Liabilities		74991.131	63682.172	59631.179
Net Current Assets		44489.384	35839.251	22450.696
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		52436.860	44228.104	30930.190

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	278524.700	262564.100	262039.900
		Other Income
		TOTAL (A)	278524.700	262564.100	262039.900
Less	EXPENSES
		Office Expenses
		Administrative Expenses	264667.700	245702.300	244930.000
		Advertising Expenses
		TOTAL (B)	264667.700	245702.300	244930.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13857.000	16861.800	17109.900
Less	FINANCIAL EXPENSES (D)		33.700	12.100	1.900
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13823.300	16849.700	11498.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3097.700	3172.900	2805.000
	PROFIT BEFORE TAX (E-F) (G)		10725.600	13676.800	14303.000
Less	TAX (H)		2516.800	378.900	3326.200
	PROFIT AFTER TAX (G-H) (I)		8208.800	13297.900	10976.800
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	143332.776	126574.124	104732.247
		Service Income	5811.349	5832.966	5070.704
	TOTAL EARNINGS		149144.125	132407.090	109802.951
	IMPORTS
		Raw Materials	172086.588	159469.815	130619.047
		Stores & Accessories	1886.462	1962.508	846.502
		Others	46.826	42328.947	78590.072
	TOTAL IMPORTS		174019.876	203761.270	210055.621
	Earnings Per Share (Rs.)		230.72	373.75	308.52

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.94	5.06	4.18
Return on Total Assets (PBT/Total Assets}	(%)	8.53	12.83	16.13
Return on Investment (ROI) (PBT/Networth)		0.20	0.31	0.46
Debt Equity Ratio (Total Liability/Networth)		1.43	1.44	1.93
Current Ratio (Current Asset/Current Liability)		1.59	1.56	1.37

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

NOTE:

The Registered office of the company has been shifted from Radisson Complex, Commercial Plaza, 2^nd Floor, National Highway No. 8, Mahipalpur, New Delhi - 110 032, India to present address w.e.f. 01.11.2010

PERFORMANCE OF THE COMPANY:

The performance of the Company during the financial year 2010-11 was satisfactory. The revenues of the Company increased marginally by 6% (approximately). The Net profit before taxes has decreased by 1% (approximately) of turnover due to constraining market forces. But despite of a fall in profitability, as compared to the previous year, the directors of the Company are very optimistic and confident of an up beating and sustained operational performance of the Company in the upcoming financial years.

FUTURE PROSPECTS:

The future prospects of the Company seem to be quite promising. The Company has launched various new models of Mobile phones catering the specific needs of various sections of consumers into the market. Some of the new entrants among them are already a big hit throughout the nation. The Company is confident of other models also, along with those which are yet to be launched into the market. Besides the bright potential of mobile handset market, the performance of the services business of the Company is also very encouraging. The internet services provided by the Company under Ovi Store have successfully established itself into the market and are growing at tremendous pace. Accordingly, the Company is planning to enter into few more diversified services sector in its future years.

FIXED ASSETS:

· Leasehold Land

· Plant Building

· Leasehold Improvements

· Measuring and Test Bed

· Computers – Hardware

· Plant and Machinery

· Office Machinery

· Office Equipments

· Vehicles

· Furniture and Fixtures

· Computer – Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		77

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.